收入端，公司2024H1 收入同比有所增长，预计主要因出货量增加所致，拆分业务看：1）风机及配件：公司2024H1 风机对外销售4.01GW，同比提升16%，实现收入约79 亿元，同比有所下降，预计主要受风机价格因素影响导致收入有所下滑；2）发电业务：公司2024H1 在运营新能源电站装机容量约2.7GW，实现发电量约27.35 亿千瓦时，发电收入约9.75 亿元，同比增长17%；3）风场建造业务：公司2024H1 实现收入约3.1 亿元，同比增长174%，实现较快增长。单二季度看，公司营业收入同比有所下降，预计主要受风机价格因素影响。Description of the event
The company released its 2024 semi-annual report. 2024H1 achieved operating income of about 11.8 billion yuan, a year-on-year increase of 11%, and achieved a net profit of 0.66 billion yuan, a year-on-year increase of 0.9%, after deducting non-net profit of about 0.56 billion yuan, an increase of 3.4%; of these, 2024Q2 achieved operating income of about 6.72 billion yuan, a decrease of 15% year-on-year, and net profit of about 0.36 billion yuan, a year-on-year decrease of about 0.27 billion yuan. Yuan, a year-on-year decrease of 68%.
Incident comments
On the revenue side, the company's 2024H1 revenue increased year-on-year, mainly due to increased shipments. Looking at the split business: 1) Fans and accessories: The company's 2024H1 fan sold 4.01 GW, up 16% year on year, and achieved revenue of about 7.9 billion yuan. Revenue is expected to decline mainly due to fan price factors; 2) Power generation business: The company's 2024H1 operates a new energy power plant with an installed capacity of about 2.7 GW, achieving a power generation capacity of about 2.735 billion kilowatt-hours. 0.975 billion yuan, up 17% year on year; 3) Wind farm construction business: The company achieved revenue of about 0.31 billion yuan in 2024H1, an increase of 174% year on year, achieving relatively rapid growth. Looking at the second quarter alone, the company's revenue declined year-on-year, which is expected to be mainly affected by fan price factors.
On the profit side, the company's 2024H1 gross profit margin was 19%, an increase of about 0.4 pct over the previous year. The cost rate for the period was about 15%, up about 2 pcts year on year. The sales expense ratio, management fee rate, and financial expense ratio were 6.52%, 4.28%, and 1.30% respectively, up 1.69 pct, 0.57 pct, and 1.41 pct, respectively. Among them, the increase in sales expenses is expected to be mainly due to an increase in fan warranty and after-sales service fees; the increase in the financial cost ratio is expected to be due to increased interest expenses and a decrease of 1.48 pcts year on year. At the same time, the company received an investment income of about 0.114 billion yuan, and finally achieved a net sales interest rate of about 6%, a year-on-year decline.
Looking at the second quarter of a year, the company's 2024Q2 gross margin was about 17.3%, down 2.8 pcts year on year, and the cost ratio for the period was about 13.98%, up about 5 pcts year on year. The sales expenses ratio, management fee ratio, and financial expense ratio were 6.87%, 3.54%, and 1.52%, respectively, up 2.60 pct, increase 1.38 pct, increase 2.71 pct year on year, R&D cost ratio 2.05%, down 1.64 pct year on year.
In the end, the company achieved a net sales margin of about 5.5%, a year-on-year decline.
Other financial indicators, the company's capital expenditure at the end of 2024H1 was about 3.1 billion yuan, indicating that the company actively carried out wind farm construction. Inventory and contract liabilities were 10.8 billion yuan and 8.2 billion yuan respectively. Overall, it is at a historical high level, indicating that the company is actively preparing goods, which is expected to lay the foundation for the subsequent delivery boom.
Looking ahead, domestic seabreeze installations are expected to increase year-on-year in 2024, while overseas marine scenery is expected to gradually recover. It is expected that 2025/2026 will usher in explosive growth of seabreeze installed capacity. The company actively explores domestic and foreign wind power orders, adding 9.73 GW of wind power orders in the first half of the year, which is expected to lay the foundation for subsequent batch delivery. At the same time, the company continues to promote rolling development of wind farms, which is expected to generate new increases in performance. The estimated net profit to mother in 2024 is about 2.3 billion yuan, which is about 8 times PE. Maintain a “buy” rating.
Risk warning
1. Wind power installation falls short of expectations;
2. Increased competition has led to profitability falling short of expectations.
